Chevy Chase Trust Holdings LLC Sells 5,446 Shares of Automatic Data Processing, Inc. (NASDAQ:ADP)

Chevy Chase Trust Holdings LLC reduced its position in Automatic Data Processing, Inc. (NASDAQ:ADP) by 2.2% in the third quarter, Holdings Channel.com reports. The fund owned 238,100 shares of the business services provider’s stock after selling 5,446 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Automatic Data Processing were worth $65,889,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Community Bank N.A. lifted its stake in Automatic Data Processing by 1.1% in the 3rd quarter. Community Bank N.A. now owns 12,027 shares of the business services provider’s stock worth $3,328,000 after purchasing an additional 125 shares in the last quarter. Beacon Investment Advisory Services Inc. raised its position in shares of Automatic Data Processing by 1.3% in the third quarter. Beacon Investment Advisory Services Inc. now owns 20,134 shares of the business services provider’s stock worth $5,572,000 after buying an additional 254 shares in the last quarter. Benjamin Edwards Inc. boosted its stake in Automatic Data Processing by 1,628.9% during the third quarter. Benjamin Edwards Inc. now owns 196,922 shares of the business services provider’s stock valued at $54,509,000 after buying an additional 185,532 shares during the period. Kestra Investment Management LLC purchased a new position in Automatic Data Processing during the third quarter worth about $224,000. Finally, FSA Wealth Management LLC bought a new position in Automatic Data Processing in the 3rd quarter worth about $152,000. Hedge funds and other institutional investors own 80.03% of the company’s stock.

Insider Activity

In related news, VP Don Mcguire sold 3,179 shares of Automatic Data Processing stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $274.38, for a total transaction of $872,254.02. Following the sale, the vice president now directly owns 41,696 shares in the company, valued at $11,440,548.48. The trade was a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sreenivasa Kutam sold 38,975 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $300.00, for a total value of $11,692,500.00. Following the completion of the transaction, the vice president now owns 32,604 shares of the company’s stock, valued at approximately $9,781,200. This trade represents a 54.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,504 shares of company stock valued at $20,298,056. Corporate insiders own 0.21% of the company’s stock.

Automatic Data Processing Stock Up 0.0 %

Shares of Automatic Data Processing stock opened at $306.93 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. Automatic Data Processing, Inc. has a 52-week low of $227.12 and a 52-week high of $309.63. The company’s 50 day moving average price is $292.45 and its 200-day moving average price is $268.30. The stock has a market capitalization of $125.06 billion, a price-to-earnings ratio of 32.76, a P/E/G ratio of 3.57 and a beta of 0.79.

Automatic Data Processing (NASDAQ:ADP) last issued its quarterly earnings data on Wednesday, October 30th. The business services provider reported $2.33 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.12. Automatic Data Processing had a return on equity of 82.36% and a net margin of 19.72%. The firm had revenue of $4.83 billion for the quarter, compared to analyst estimates of $4.77 billion. During the same period last year, the company earned $2.08 EPS. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Automatic Data Processing, Inc. will post 9.93 EPS for the current year.

Automatic Data Processing Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Stockholders of record on Friday, December 13th will be given a $1.54 dividend. This represents a $6.16 annualized dividend and a dividend yield of 2.01%. This is a boost from Automatic Data Processing’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Friday, December 13th. Automatic Data Processing’s dividend payout ratio (DPR) is currently 59.77%.

Wall Street Analysts Forecast Growth

ADP has been the subject of a number of research analyst reports. Barclays lifted their price target on Automatic Data Processing from $310.00 to $325.00 and gave the company an “overweight” rating in a research report on Monday, November 4th. Mizuho boosted their price target on shares of Automatic Data Processing from $281.00 to $310.00 and gave the stock an “outperform” rating in a research note on Monday, November 4th. StockNews.com cut shares of Automatic Data Processing from a “buy” rating to a “hold” rating in a research report on Thursday, September 19th. Citigroup upped their target price on shares of Automatic Data Processing from $260.00 to $295.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 25th. Finally, Royal Bank of Canada raised their price target on Automatic Data Processing from $267.00 to $315.00 and gave the company a “sector perform” rating in a research report on Thursday, October 31st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $289.91.

Automatic Data Processing Company Profile

Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.